If you’re in the process of browsing rental listings, you should be aware of what you’re getting into from every standpoint. That includes learning some standard information that you’re likely to discuss during the process of renting an apartment. Learning these details in advance will make it easier for you to avoid potential issues and to ask pertinent questions as needed. Here are five common rental lease terms you should know.
Common Rental Lease Terms to Understand
1. Grace Period
Every month, you need to pay your rent. If you miss this date, you may be charged a late fee. In many cases, however, landlords provide renters with a grace period so that they have a little additional time to pay before any fees apply.
2. Security Deposit
After you sign the lease, you’ll need to provide your landlord with a security deposit in addition to your advance rental fees. The deposit is a form of insurance that landlords can use to protect themselves in the event of an unexpected development, like a contract violation or missed rent. In Kentucky, landlords aren’t required to ask for a specific amount, but it usually equates to anywhere from one to two months’ worth of rent. Provided you leave the apartment in good condition when you leave, you should receive your deposit back within a month to two months.
All apartments undergo routine inspections to ensure that they’re in efficient and stable condition. This is why landlords have access to your property. However, they do have to provide you with at least a day’s notice before entering. Your contract should stipulate whether these inspections occur yearly or every quarter.
4. Renter Restrictions
As you browse rental listings, bear in mind that most properties have guidelines by which all residents must abide. For example, some may restrict overnight guests, outdoor patio or balcony furnishings, and remodeling. Many issues simply require permission from the landlord, such as painting a room or subletting your space if you are away for an extended period.
5. Renters Insurance
While you aren’t obligated to purchase renters insurance, doing so could provide you with some peace of mind. It’s designed to protect your possessions in the event of a fire or other emergency. This is important to remember as you look for places to rent; most only provide insurance for the dwelling itself, not your belongings.
If you’re seeking a beautiful apartment for rent in Lexington, KY, look no further than Belmont Run and The Studios at Belmont. The community includes stylish studios, one-bedroom, and two-bedroom apartments featuring updated amenities, such as top-tier appliances and renovated kitchens. Tenants at this luxurious apartment complex also have access to valuable services, including a pool, a fitness center, and a coffee station. Visit the website to browse their options or call (859) 254-8230. You can also visit their Instagram page for more details.